Mortgage Rates Hover at Five Percent 4/28/2022

“The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth to a more sustainable pace later this year.”

• The 30-year fixed-rate mortgage averaged 5.10 percent with an average 0.8 point as of April 28, 2022, down slightly from last week when it averaged 5.11 percent. A year ago at this time, the 30-year FRM averaged 2.98 percent.
• The 15-year fixed-rate mortgage averaged 4.40 percent with an average 0.9 point, up from last week when it averaged 4.38 percent. A year ago at this time, the 15-year FRM averaged 2.31 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.78 percent with an average 0.3 point, up from last week when it averaged 3.75 percent. A year ago at this time, the 5-year ARM averaged 2.64 percent.

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